This is likely why it dropped yesterday:
Dr. Reddy's Laboratories (RDY) announced the launch of its therapeutic equivalent generic version of Astex's Dacogen. Why it bounced back up today is anyone's guess.
Who knows, I am guessing that the traders are “channeling” the stock again at this relatively new base. For quite some time the stock would bounce around in the $2.00 to $3.00 range. Now as we approach the goal line for a compound or two I suspect we have our trader friends playing the channel game again.
This time they are playing with fire since this close to a possible “event” at any time could catch them off footed.
Event at anytime? How about unless and until? You were the dumbest investor here for years. Crying daily that astex would not go anywhere for years. You sure changed your tune.
Think wants to sound intelligent which is a big step for him. He couldn't see the potential at $2, but at $5 this is trading in a channel. From my earnings calculations they will lose at least $8M. Maybe that's the event?